Palatin Technologies Inc Reports Net Loss of $27.5 Million for the Year Ended June 30, 2023

PALATIN TECHNOLOGIES INC [PTN], a leading biopharmaceutical company, has released its financial report for the year ended June 30, 2023. The company reported a net loss of $27.5 million for the period, compared to a net loss of $36.2 million in the previous year. Despite the challenging market conditions, Palatin Technologies achieved annual revenue of $4.9 million, showing steady growth in its product sales and license and contract revenues.

Financial Performance

Palatin Technologies' financial performance for the year reflects its continued investment in research and development, which amounted to $22.6 million. The company also incurred selling, general, and administrative expenses amounting to $15.3 million. The overall operating expenses for the year stood at $37.3 million. Despite the loss from operations, the company managed to generate investment income of $0.69 million and recorded a foreign currency gain of $0.43 million.